1. Formation (RUPA)

Question 1

What is generally required to form a general partnership?

Answer 1

1) 2 or more persons/entities
- Capacity
- Consent

2) Co-ownership
- Objective
- Parties’ intent

3) For profit
- NOT debt/services/rent/retirement
- NOT joint tenancy/tenancy in common
- NOT extensive activity
- NOT returns

Question 2

Is a written agreement required to form a general partnership?

Answer 2

Land sale transactions

• At least 1 year
• Statute of Frauds

Question 3

Can a general partnership be made even if the formalities are not met?

Answer 3

Governing law

• Agreement
• Revised Uniform Partnership Act (RUPA)

Legal purpose